MeiraGTx (NASDAQ:MGTX) Shares Down 2.4% – Here’s What Happened

MeiraGTx Holdings plc (NASDAQ:MGTX) dropped 2.4% during trading on Monday . The stock traded as low as $7.44 and last traded at $7.38. Approximately 76,249 shares were traded during mid-day trading, a decline of 72% from the average daily volume of 272,353 shares. The stock had previously closed at $7.56.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Chardan Capital restated a “buy” rating and set a $36.00 price target on shares of MeiraGTx in a research report on Monday, February 24th. Royal Bank of Canada boosted their price target on MeiraGTx from $11.00 to $13.00 and gave the stock an “outperform” rating in a research report on Monday, March 17th.

MeiraGTx Stock Up 1.6 %

The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.86. The company has a market capitalization of $605.61 million, a PE ratio of -6.35, a price-to-earnings-growth ratio of 0.37 and a beta of 1.23. The firm has a 50-day moving average of $6.67 and a two-hundred day moving average of $5.96.

MeiraGTx (NASDAQ:MGTX) last issued its quarterly earnings data on Thursday, March 13th. The company reported ($0.50) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.02). The firm had revenue of $21.39 million during the quarter, compared to analyst estimates of $1.50 million. MeiraGTx had a negative net margin of 633.05% and a negative return on equity of 146.38%. Equities research analysts predict that MeiraGTx Holdings plc will post -1.48 earnings per share for the current fiscal year.

Insider Activity at MeiraGTx

In other MeiraGTx news, CEO Alexandria Forbes sold 35,839 shares of the firm’s stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $6.47, for a total transaction of $231,878.33. Following the sale, the chief executive officer now owns 1,395,102 shares of the company’s stock, valued at approximately $9,026,309.94. This trade represents a 2.50 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Richard Giroux sold 24,000 shares of the stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $6.29, for a total transaction of $150,960.00. Following the completion of the transaction, the chief financial officer now directly owns 849,947 shares in the company, valued at $5,346,166.63. This trade represents a 2.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 8.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On MeiraGTx

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC purchased a new position in MeiraGTx during the 4th quarter worth $459,000. Barclays PLC increased its position in MeiraGTx by 107.1% in the 3rd quarter. Barclays PLC now owns 147,827 shares of the company’s stock valued at $618,000 after acquiring an additional 76,437 shares during the period. State Street Corp raised its stake in MeiraGTx by 0.9% during the 3rd quarter. State Street Corp now owns 574,727 shares of the company’s stock valued at $2,397,000 after acquiring an additional 5,251 shares during the last quarter. Garden State Investment Advisory Services LLC acquired a new stake in MeiraGTx during the 3rd quarter worth approximately $1,636,000. Finally, JPMorgan Chase & Co. grew its stake in shares of MeiraGTx by 1.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 342,667 shares of the company’s stock valued at $1,429,000 after purchasing an additional 4,186 shares during the last quarter. Hedge funds and other institutional investors own 67.48% of the company’s stock.

MeiraGTx Company Profile

MeiraGTx Holdings plc, a clinical stage gene therapy company, focusing on developing treatments for patients with serious diseases. The company develops various therapies for ocular diseases, including inherited retinal diseases and large degenerative ocular diseases, neurodegenerative diseases, and xerostomia.